THORChain has been hacked for over $10 million in various cryptocurrencies, prompting a temporary suspension of certain network functions.
THORChain, a cross-chain protocol, has fallen victim to a significant hack, with over $10 million in cryptocurrency stolen across various platforms, including Bitcoin, Ethereum, BNB Chain, and Base.
On-chain analyst ZachXBT was among the first to highlight the breach, initially estimating the losses at approximately $7.4 million. However, further analysis by PeckShield indicated that the total theft included 36.75 BTC valued at nearly $3 million, along with around $7 million in assets from other chains. Most of the stolen funds are being held in just two wallet addresses.
"THORChain appears to have been exploited across multiple chains, with stolen funds already exceeding $10M," stated ZachXBT.
In response to the attack, the price of RUNE, THORChain's native token, dropped by 12%, reaching $0.508. Analysts from Lookonchain confirmed that the total damages exceeded $10 million, corroborating earlier assessments.
While THORChain developers have yet to officially acknowledge the hack, they have temporarily disabled several network functions to facilitate an investigation. This incident marks yet another challenge for THORChain, which previously faced significant issues, including a freeze of its lending platform, ThorFi, in January 2025 due to insolvency rumors. The protocol later managed a $200 million debt resolution through new token issuance and restructuring.
In a related security concern, THORChain's founder was targeted in a September hack that involved North Korean groups and resulted in a loss of $1.2 million. The protocol has become notorious for being a conduit for laundering stolen funds, as its cross-chain capabilities complicate transaction tracking.
Notably, THORChain was recently involved in transactions linked to assets stolen from Kelp, which had been hacked earlier this year, with daily trading volumes reaching $394 million during those operations.
